What type of rental property can you get in Canberra for less than $700 per week?

Despite Canberra’s median rent price for a house being a wallet-shrinking $700 a week, it’s not all doom and gloom for tenants, with new data showing that there were 37 suburbs across the capital with a median of less than $700 a week.

Admittedly, some of those savings are on the skinny side, but savings are savings.

The latest Domain Rent Report revealed that suburbs such as Chifley ($695 a week) had a median rent of less than $700, as well as Torrens, $665; Bonner, $650; Lawson, $630; Kambah and Watson, $620; Casey, $600; and Phillip $570. 

The most tempting bargain was a house in Belconnen at $520 a week.

The biggest movers in rent increases have been Palmerston, which rocketed by an eye-watering 22 per cent year-on-year to a median of $610 a week, followed by Pearce, which peaked at a 19.5 per cent increase in the same period to $660 a week. 

At the more stable end of the market, Hughes crept up an extra 1.5 per cent year-on-year to $680 a week and Bruce, up just 1.6 per cent over the same period to $640 a week.

But what do you get for your sub-$700 a week budget if you are after a detached home or townhouse? 

Richard Davies of Belle Property Canberra said renters will find options in most Canberra suburbs between $500-$700 a week, though some – like the Inner South – are becoming increasingly rare unless renters are looking for an apartment.

“That price range will generally offer up an older detached home, probably an ex-govvie with three bedrooms and one bathroom,” he said.

“It’s also around the right price point for, say, a two-bedroom townhouse in a newer area like the Molonglo Valley.”

Mr Davies said the ex-govvie might have had its kitchens and bathrooms updated, but those renovations tended to date to the late 1990s or early 2000s.

“There’s strong competition for well-presented properties that offer more inclusions like ducted heating and cooling,” he said.

“Prospective tenants should also consider how well the home has been maintained along with its location, access to public transport and shops.”

Mr Davies added applicants put themselves in the best position if they presented with solid references, job stability and a high level of personal presentation.

Independent Property Management’s senior leasing consultant, Georgia Hall said detached homes and townhouse options below $700 a week are becoming increasingly rare in the Inner-North market, in which she specialises.

“Very occasionally, a three-bedroom, one-bath and car space ex-govvie type of home does come up in the $600-plus-a-week range in the older established suburbs like Dickson, Hackett and Watson,” she said.

“But these are very much the exception rather than the rule. Most detached homes are now in the range of $800 to as much as $1600 a week.”

Ms Hall said a dwelling type with strong appeal to prospective tenants could be found in inner suburbs like Turner, O’Connor and Lyneham.

“These tend to be kind of like two-storey apartments in older, smaller developments,” she says.

“These usually have bigger footprints than modern options, which opens the possibilities for people to share the space and the rent.”

Ms Hall said this type of option ranged in price from $580 a week for a two-bedroom, one-bath and car space home to, say, a two-bedroom, two-bath and two-car-space property at $700 a week.

“And this kind of address puts you close to all the attractions of Braddon and the city along with proximity to the ANU,” she said.